by The global Terahertz Technologies Market is estimated to be valued at US$ 644.97 Mn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Terahertz technologies find applications across various end use industries such as medicine and healthcare, defense and security, transmission and sub-surface sensing, telecommunications, semiconductors, non-destructive testing and quality control. Terahertz imaging and spectroscopy are non-destructive techniques that help in analysis of various materials. Terahertz radiation is able to penetrate variety of non-polar materials such as plastics, ceramics and wood. This allows development of non-contact and non-destructive imaging and quality control methods. Furthermore, terahertz radiation does not cause damage to humans due to its non-ionizing nature.
Market key trends:
Growing adoption of artificial intelligence and cloud computing is expected to drive the growth of terahertz technologies market. Use of AI and machine learning algorithms helps analyze terahertz images accurately and allows real time analysis. Cloud computing allows terahertz data to be stored securely and shared over networks for collaborative research. Increasing funding by governments globally for development of innovative terahertz technologies is also supporting market growth. Moreover, rising applications of terahertz in medical imaging, security screening and non-destructive testing is fueling the demand.
Porter’s Analysis
Threat of new entrants: The technology involves high R&D costs and IP protection making it difficult for new players to enter the market.
Bargaining power of buyers: The global demand is growing rapidly due to increasing adoption across different industry verticals increasing buyers bargaining power.
Bargaining power of suppliers: The devices manufacturing requires high precision and technology limiting supplier options and strengthening their position.
Threat of new substitutes: The growing terahertz application scope has led to emergence of new technologies but none match its advantages, limiting threat of new substitutes.
Competitive rivalry: Intense competition exists among established players to develop innovative terahertz technologies and applications leading to continuous technological advancements.
Key Takeaways
The global terahertz technologies market is expected to witness high growth, exhibiting CAGR of 23% over the forecast period, due to increasing demand across healthcare, security, transport, and defense verticals. North America remains the largest and fastest growing regional market due to heavy investments in research and presence of major players in the region.
The global terahertz technologies market size for 2023 is estimated to be US$ 644.97 Mn. Terahertz imaging systems continue to witness robust adoption in security and healthcare sectors for detection of concealed objects and drug characterization respectively.
Key players operating in the terahertz technologies market are Menlo Systems GmbH, Luna Innovations, TOPTICA Photonics AG, Advantest Corporation, Bakman Technologies LLC, Teravil Ltd, Terasense Group Inc., Gentec Electro-optics Inc., HÃœBNER GmbH & Co. KG, Microtech Instruments, Inc., TeraView Limited and Batop GmbH. Major players are focused on developing novel terahertz devices and components to expand application scope
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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